Why Most (Sucessful) Politicians Value Staying in Power More than the Public Good
24th August 2009
One might still ask why the power-seekers tend to predominate over those who place a higher value on the public good. The key explanation is selection effects. A politician willing to do anything to take and hold on to power will have a crucial edge over an opponent who imperils his chances of getting elected in order to advance the public interest. The former type is likely to prevail over the latter far more often than not. This is especially true in a political environment where most voters are often ignorant and irrational about government and public policy. Candidates have strong incentives to pander to this ignorance and exploit it in order to win elections. Those unwilling to exploit public ignorance because they place the public interest above political success are likely to be at a serious disadvantage relative to their less scrupulous opponents. Thus, those who value power above other objectives are more likely to succeed politically. As economist Frank Knight wrote back in the 1930s, “[t]he probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping master in a slave plantation.”
Not a very complicated notion, but apparently some people have to have Gresham’s Law explained in simple terms.